Tether USD₮, the pioneering stablecoin, has achieved a new milestone by surpassing its previous all-time high market capitalization of $83.2 billion, according to a recent blog post by Tether. This achievement highlights the growing demand for financial freedom and the trust users have in Tether’s stablecoin.
Paolo Ardoino, the Chief Technology Officer of Tether, expressed his enthusiasm about the achievement, stating, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.”
Ardoino emphasized the importance of Tether tokens in providing a secure haven for unbanked individuals in emerging markets, allowing them to retain their purchasing power even in the face of devaluing national currencies. He further stressed the company’s commitment to expanding global access to financial freedom.
Since its inception in 2014, Tether’s USD₮ stablecoin has become the most traded cryptocurrency, surpassing all competitors combined. By combining the advantages of digital currency, such as instant global transactions, with the stability of the traditional currency, the company offers a fast and cost-effective method of transacting with money.
Impressive Q1 Performance Bolsters Tether’s Reserves
The company’s recent attestation highlights its dedication to transparency and its focus on emerging markets as a safe haven from volatile conditions. Additionally, the company reported an impressive net profit of $1.48 billion in Q1 of this year, further strengthening its reserves.
With approximately 85% of its cash and cash equivalents investments and a 20% increase in token supply quarter over quarter, the company has firmly established itself as a trustworthy entity with a promising future.
In response to the news, Binance CEO Changpeng Zhao (CZ) tweeted about the growth of USDT and mentioned that another stablecoin, BUSD, had been capped by NYDFS at $23 billion. CZ highlighted the remarkable growth of USDT since then.
In other related news, Binance recently announced the integration of Tether (USDT) on the Arbitrum One and Optimism networks, opening up new user possibilities. Tether (USDT) deposits are now available on both networks, with withdrawals to be enabled once sufficient deposits are made.
However, as the company continues to make strides in the crypto world, its dedication to providing a secure and accessible financial ecosystem remains unwavering.
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